First weekly loss of Sensex this year, sheds 694 point. The broader S&P CNX Nifty of the National Stock Exchange (NSE) slipped 4.11 percent or 216.2 points from its last weekly close to end at 5,036 points. Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net sellers during the week, having sold scrips worth $360.19 million.
China`s central bank announced a 50 basis points increase in banks' RRR on Monday and US President Barack Obama projected new limits on the size and trading patterns of big US banking institutions on Thursday.
The markets reported the highest ever turnover on Friday of Rs 1,59,492.39 crore. (KINDLY READ MY EARLIER POST ON 23.01.2010)
India VIX, a volatility index based on the S&P CNX Nifty index option prices, surged for the second day in a row. It jumped 5.74% to 24.85.
All Asian as well as European and American markets closed in deep red.
Nifty Spot Weekly Outlook:
UPTREND:
Immediate Resistance for Nifty lies at 5090, if breakout this level then we expect to 5176 and 5312.
DOWNTREND:
On the contrary, Market has Support at 4949 and 4900. Any break down could take it to 4810 and 4720 levels.
From 4750/4800 level, we may buy RIL, BHEL, ONGC, SBI, L&T, HDFC, POWERGRID, RECLTD, PUNJLLOYD, BHARATI, SUZLON for investment purpose only (atleast for one year.
For short term, watch IFCI, MRPL, NEYVELI.
With RBI increasing the share of GOLD in its Forex Reserve what does it indicates for one of the most conservative Central Banks of the world. Will Gold be one of the most promising investment in times to come, Of course yes only if you have bought it at right price levels or still enter at the correct entry levels i.e around USD 1040-1070/ ounce.
Let us all be good stock picker to outsmart the market again by investing wisely and please do not over invest.
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